logo |

News

    Home   >     Industry    >     Main body

    GBP/USD Daily Forecast – British Pound Moves Higher At The Start Of The Week

    Abstract:GBP/USD is testing the resistance at 1.4150.

      GBP/USD Video 24.05.21.

      British Pound Tries To Gain Ground Against U.S. Dollar

      GBP/USD is currently trying to settle back above 1.4150 while the U.S. dollar is losing ground against a broad basket of currencies.

      [fx-forecasts-cta instrument=gbp-usd broker=icmarkets link=https://engine.fxempire.com/?293743824 disclaimer=Trading_Derivatives_carries_a_high_level_of_risk_to_your_capital_and_you_should_only_trade_with_money_you_can_afford_to_lose._Trading_Derivatives_may_not_be_suitable_for_all_investors,_so_please_ensure_that_you_fully_understand_the_risks_involved,_and_seek_independent_advice_if_necessary._A_Product_Disclosure_Statement_(PDS)_can_be_obtained_either_from_this_website_or_on_request_from_our_offices_and_should_be_considered_before_entering_into_a_transaction_with_us._Raw_Spread_accounts_offer_spreads_from_0.0_pips_with_a_commission_charge_of_USD_$3.50_per_100k_traded._Standard_account_offer_spreads_from_1_pips_with_no_additional_commission_charges._Spreads_on_CFD_indices_start_at_0.4_points._The_information_on_this_site_is_not_directed_at_residents_in_any_country_or_jurisdiction_where_such_distribution_or_use_would_be_contrary_to_local_law_or_regulation.]

      The U.S. Dollar Index failed to settle above the resistance at the 90 level and is moving lower. The nearest support level for the U.S. Dollar Index is located at 89.75. This support level has already been tested many times and proved its strength. In case the U.S. Dollar Index settles below this level, it will head towards the support at 89.50 which will be bullish for GBP/USD.

      On Friday, UK reported that Manufacturing PMI increased from 60.9 in April to 66.1 in May compared to analyst consensus of 60.5. Services PMI improved from 61 to 61.8 compared to analyst consensus of 62. In the U.S., Manufacturing PMI increased from 60.5 to 61.5 while Services PMI improved from 64.7 to 70.1.

      Strong PMI reports may boost inflation fears, but trading at U.S. government bond markets remains calm, and the yield of 10-year Treasuries has settled near 1.62%. Foreign exchange market traders will continue to monitor the developments in U.S. government bond markets as they may have a significant impact on currency dynamics.

      [fx-article-ad]Technical Analysis

      [fx-image src=/2021/05/gbp-usd-may-24-2021-1.jpg data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/05/gbp-usd-may-24-2021-1.jpg originalWidth=1221 ratio=2.51]

      GBP/USD is testing the resistance level at 1.4150. In case this test is succesful, GBP/USD will head towards the next resistance at 1.4180. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

      A move above the resistance at 1.4180 will push GBP/USD towards the next resistance at 1.4200. In case GBP/USD settles above 1.4200, it will head towards the resistance at 1.4240.

      On the support side, a move below 1.4150 will open the way to the test of the support level which is located at 1.4100. If GBP/USD declines below this level, it will head towards the next support at 1.4080. A successful test of this level will lead to a test of the support at the 20 EMA at 1.4070.

      For a look at all of todays economic events, check out our economic calendar.

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.